May 17, 2012 03:05 PM IST | Source: Reuters

Sensex erases gains; L&T, Bajaj fall

SENSEX-NIFTY-LARSEN-TOUBRO-BAJAJ-AUTO:Sensex erases gains; L&T, Bajaj fall

MUMBAI (Reuters) - The Sensex erased earlier gains to trade flat, lagging gains in Asian indexes, as worries about earnings hit blue chips such as Larsen & Toubro and Bajaj Auto .

The Sensex was last trading flat at 16,029.09 points, while the Nifty was also virtually unchanged at 4,857.00 points.

L&T shares dropped 3.5 percent. Nomura downgraded L&T to 'reduce' from 'buy' and nearly halved its target price to 992 rupees from 1,691 rupees citing concern about orderbooks.

Bajaj Auto shares fell 1.1 percent after its quarterly profit missed estimates.

(Reporting by Abhishek Vishnoi and Manoj Dharra; Editing by Rafael Nam)

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